Remittances are an essential way to bring money into low-income countries and unbanked communities, but they are all-too-frequently used as a conduit for financial crime. By nature, money transfer and remittance are high-risk businesses. Therefore, to ensure that financial crime is detected, [...]
In the world of business, we're bound to encounter our fair share of shady dealings. Picture this: your customer is ordering, but their delivery address doesn’t match the address on their card. Red flag, isn’t it? Or, your loyal customer, Joe, is suddenly going all out with a massive order. [...]
The Grey List and the Black List, created by the Financial Action Task Force (FATF), categorize countries based on their perceived risks and compliance with international standards in countering financial crimes. The FATF is an intergovernmental organization established to combat money laundering, [...]
Next-generation transaction monitoring tools that use AI and ML technologies are getting faster and more accurate, drastically cutting the number of false positives. Yet fear and suspicion around the “black box” nature of AI is still keeping potential adopters away from these technologies. [...]
Fintechs rely on transaction monitoring software to secure their innovative platforms against increasingly sophisticated financial crimes. They have an obligation both to their customers and to regulators to ensure their financial business is not exploited by criminals. But in the fast-moving and [...]
2021 was another bumper year for fines slapped against financial institutions (FIs) for failures in anti-money laundering (AML) compliance. AML shortcomings in transaction monitoring are a global problem. Countries whose banks were hit with fines include the United States, Germany, the Netherlands, [...]